US President Donald Trump said on Tuesday that the conflict with Iran could end “very quickly” and claimed that global oil prices would fall sharply soon. Speaking to reporters in Washington, Trump said Iran was eager to reach a peace deal and added that there was already a large supply of oil in the market. Trump stated that oil prices were expected to “plummet” because of the possible end to tensions in the Middle East. Soon after his comments, oil prices slightly dropped in the international market. Brent crude futures fell by 45 cents to $110.83 per barrel, while WTI crude futures dropped by 27 cents to $103.88 per barrel. His statement came shortly after the US Senate voted 50-47 in favour of limiting the president’s power to launch military action against Iran without approval from Congress. The War Powers Resolution was passed after several earlier failed attempts and received support from four Republican senators. Democratic Senator Tim Kaine welcomed the move, saying Congress has a constitutional responsibility to decide on matters of war. Senator Bernie Sanders also supported the resolution. However, even if both chambers of Congress approve it, Trump is expected to veto the measure. The latest development follows reports that Trump was close to ordering new military strikes on Iran but decided against it after Gulf allies advised caution. Before the strike was called off, Iran reportedly sent revised terms for a possible peace agreement and claimed that the United States was more eager for a ceasefire than Iran..
